CAMPBELL, California, January 23, 2025 – Phoenix Technologies, a leading independent firmware supplier for PCs and computing devices, has raised additional capital from a number of its existing shareholders to support its investment programme in FirmGuard, a unique cyber security product addressing firmware vulnerabilities across large organisations and enterprises.
FirmGuard, which was launched in March 2023, is a cloud-based SaaS product. It was initially targeted at IT Managed Service Providers (MSPs) in the US, and is now expanding into enterprises and government organizations.
Phoenix has two complementary businesses. The core business, which includes developing firmware for PCs, embedded devices and servers, and FirmGuard.
Since its launch, FirmGuard has been rolled out to numerous MSPs. It has over 40 customers and over 12,000 paying endpoints installed. The introduction of a new and augmented sales and marketing team mid-way through 2024 has seen the acceleration of endpoint installations.
Enterprises increasingly need to monitor and maintain their firmware in real time to protect themselves from cyber-attack. Improvements in operating system cybersecurity has resulted in hackers targeting alternative areas within computers and devices such as chips and firmware.
Phoenix has invested significantly in R&D to develop FirmGuard, a unique patented product, using its sophisticated firmware knowledge, generated over a history which spans more than 40 years.
FirmGuard provides firmware level security for endpoints, as well as the ability to centrally manage and monitor the firmware status of an enterprises’ endpoints. FirmGuard aims to be on every end point. The potential market is the ‘End Point Security Market’ worth $12.8bn globally (Markets and Markets, Endpoint Security Market Global Forecast) to 2024, with a US market size of well over $6bn.
Gerard Moore, President and CEO of Phoenix Technologies, said:
“As the first independent BIOS vendor, we have been pioneering firmware innovation since 1979 with a billion units installed worldwide working with our industry partners including the likes of Intel, Microsoft, AMD, Qualcomm, NVIDIA, Aspeed and Arm.”
“Our strategy is to build on our unique expertise, track record and market position in the firmware industry. We are developing new products and diversifying into a number of complementary emerging market opportunities with high growth potential.”
“The launch of FirmGuard was a key strategic development and significantly broadens our capabilities to a far wider range of customers. Given any organization’s firmware position in its various tech stack, a successful firmware infiltration gives a malicious actor complete control of a device – hence the vital importance of FirmGuard across all enterprises.”
“This additional growth capital will enable us to continue to invest extensively in this unique SaaS product. We are the only UEFI (Unified Extensible Firmware Interface) vendor to offer an enterprise cyber security product.”
“During 2024, in addition to the growth of FirmGuard, we have seen increasing demand and interest across our product range from our traditional firmware offering.”
For more information contact:
Jonathan O’Connell, CFO
Phoenix Technologies
Tel: +353 86 809 2204
Adrian Duffield
Meare Consulting
Tel: +44 7990 858 548
Note to editors
Phoenix Technologies designs and develops secure firmware (software) for a wide range of computing devices, servers and firmware cybersecurity products for enterprises.
Phoenix, which was the first independent firmware provider, has been pioneering firmware innovation since 1979 with nearly a billion units installed worldwide. Firmware is the software that connects the device’s microchips to the operating system.
Phoenix has industry partnerships with companies such as Intel, AMD, Arm, Qualcomm, NVIDIA and Aspeed as well as computing device manufacturers and OEMs.
Phoenix has also launched FirmGuard, its Software-as-a-Service (SaaS) firmware cybersecurity products for enterprise customers to enable them to manage and secure their inventory of computing devices.
Phoenix is headquartered in Silicon Valley with engineering teams in the US, Taiwan and Japan.
